Published On : Mon, Feb 1st, 2021

Budget focused on Healthcare and Taxpayers – Shrawan Kumar Malu

Covid pandemic at least made us realise that our healthcare sector is weak and the government to become conscious thereby announcing Centre sponsored scheme Prime Minister Atmanirbhar Swasthya Bharat Yojana with an outlay of Rs 64,180 crores to boost healthcare infrastructure across the country.

Senior citizens’ above 75 years of age, having pension and interest income being exempted from filing tax returns is a welcome step. VTA’s pending demand is somewhat fulfilled by the Govt announcing Voluntary vehicle scrapping policy to phase out old and unfit vehicles.

Admittedly the government hasn’t changed direct taxes, however took steps in direct tax incentives to ease compliance for taxpayers. The proposal to amend the definition of small companies under the Companies Act, 2013, whereby as per the new definition, small companies will mean a company that has paid-up share capital of not more than 2 crores from earlier 50 lakhs, along with raising the threshold of Annual Turnover from 2 crores to 20 crores is welcome step.